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Fort Lauderdale area Broward County
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Old 06-30-2012, 04:13 AM
 
44 posts, read 83,666 times
Reputation: 27

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In the process of going to contract on a home that happens to be a short sale, and was told by R.E. Agent that it's an uneccesary expense, because you are purchasing home from Bank, which will do the Title search, and then when accepted you will close with Bank. Can anyone that has experience, advice, and opinions please respond, so I know what to do.
Thank You,
Very Confused
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Old 06-30-2012, 04:31 AM
 
Location: Jupiter
1,108 posts, read 4,209,756 times
Reputation: 647
Take a look around...the reason we are in this mess is because of the banks and now you want to trust the bank attorney with all your money...Ho Ho Ho...I tried to purchase two short sales in Florida...one without an attorney and the other with...it was alot easier to get my deposit back with the attorney that without one...

Be prepared to wait and wait and wait after you make your offer and surrender your deposit...the bank's are not in a rush and will take multiple offers on the same property...when they are good and ready they will get back to you...on the second home I made a full price offer...the bank still took six months to get back to me and then they wanted more $$$$$$$...I guess they thought I would pay more since it was a cash deal...

Another problem you might run into is...alot of short sales have tenants/renters/etc...and it will be your responsibility to have them removed or evicted...another expense no one will tell you about...GOOD LUCK....
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Old 06-30-2012, 07:17 AM
 
11,642 posts, read 23,857,289 times
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I think that you should always use an attorney when you purchase property. However, with a short sale you should be especially careful about title issues, liens, etc. Why would you want to assume that the bank's attorney would represent YOU? The bank's attorney represents the BANK not you. While the bank's attorney may do a title search they will be doing it to represent the bank.

I would use an attorney.
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